BioNJ President and CEO Debbie Hart's Statement on Inflation Reduction Act of 2022
Although BioNJ is pleased with several provisions in the Inflation Reduction Act of 2022, we are very disappointed to see that the “price-setting” structure through direct negotiation in Medicare remained in this legislation despite pleas from numerous leading Patient organizations and recognized studies that demonstrated the devastating impact direct negotiations in Medicare would have on access to medicines and future medical innovation.
Several provisions in the Inflation Reduction Act of 2022 should be recognized that help Patients, specifically the cap on out-of-pocket costs to Medicare beneficiaries and the expansion of the low-income subsidy program. Eliminating the provision requiring rebates be provided in the event that prices rise above inflation in the private insurance market was also important to ensure future investments in therapeutic disease areas such as cancer, diabetes, hypertension and rare diseases.
BioNJ will continue to advocate for modifications to the Inflation Reduction Act of 2022, particularly the removal of the price control provisions in the direct negotiation in Medicare. We look forward to continuing to work together to ensure that treatments are more affordable, that medical innovation continues, and that Patients have access to the therapies they need.
